Jun 27, 2022
Why You Need a Property Accountant
If you’re looking to be a homeowner, it’s important to understand the benefits of working with a property accountant. With so many important factors to consider when buying and maintaining a home, it helps to have a professional on your side who can help guide you through the process.
A good property accountant can help you save money on your taxes, maximise your investment returns, and much more. So, if you’re looking for an edge in the real estate market, consider working with a qualified accountant.
Here are five reasons why you should work with a property accountant throughout the home buying process.
- Can help you reduce your tax bill
If you own property, whether it’s a single-family home, rental property, or commercial real estate, you need to be aware of the tax implications. A property accountant can help you manage your taxes, ensuring that you are compliant with all the necessary regulations.
By carefully reviewing your financial records, a property accountant can identify deductions that you may be eligible for. They can also help to ensure that you are paying the right amount of tax on your property income. As a result, working with a property accountant can save you both money and time. In addition, if you are ever audited by the ATO, having a property accountant on your side can help to minimise potential penalties.
Whether you are a first-time property owner or a seasoned investor, a property accountant can save you money and give you peace of mind.
- Will have access to the latest account software
Accountants have always been adopting new technologies to help them perform their duties more effectively. In the past, this has included everything from adding machines and calculators to personal computers and online databases.
Today, the latest accounting software is playing an increasingly important role in the profession. This software provides accountants with a powerful tool for tracking financial transactions, preparing reports and identifying trends.
Moreover, it is constantly evolving to keep pace with the ever-changing needs of businesses and organisations. As a result, accountants who are up-to-date on the latest software offerings will be better equipped to provide quality services to property investors.
- Keeps you updated on regulations
In addition to keeping your financial records in order, a competent property accountant can also keep you up-to-date on changes in the law and regulations that could impact your bottom line. By staying informed, you can avoid costly penalties and stay compliant with the latest rules. In addition, your accountant can offer advice on how to take advantage of new opportunities created by changes in the law.
As a result, working with a qualified accountant is essential for any investor who wants to stay ahead of the curve.
- Can help you with capital gains planning
If you’re thinking about selling a property, it’s important to understand the implications of capital gains tax. Capital gains tax is a tax on the profit you make when you sell an asset that has increased in value. The amount of tax you pay will depend on a number of factors, including the type of asset you sell and your personal tax situation.
An accountant can help you to understand the capital gains tax implications of selling an asset. They can also give you strategies to minimise the amount of tax you pay. For example, if you’re selling a property that you’ve owned for a number of years, you may be able to take advantage of the ‘main residence exemption, which can significantly reduce the amount of capital gains tax you’re liable for.
If you’re thinking about selling an asset in the near future, it’s well worth talking to an accountant to get expert advice on how to minimise your capital gains tax liability.
- Can take care of day-to-day tasks and protect you from fraud
As a property owner, it is important to keep track of your finances. However, when life gets busy, it can be difficult to stay on top of everything. This is where an accountant can help. An accountant can check your records and make sure that everything is correct.
They can also help to protect you from fraud. If there are any red flags, they will be able to catch them and help you to resolve the issue.
No one ever said that owning property was easy. Certainly, there can be a lot of things to think about. From finding the right property to making sure you’re getting the best deal on your mortgage; it can all be overwhelming. So, if you’re looking to buy a house, make sure you hire an experienced and reliable property accountant to help you.